FSB warns against trading with Zantech

By Staff Writer
The Financial Services Board (FSB) has warned the public not to conduct financial services business with Zantech Trading, an entity conducting business from its offices in Durban and various other cities in South Africa. 
The company says on its website that investors can become a shareholder in the entity and earn 25% in monthly dividends for a period of 12 months.
 
The company claims it is registered with the FSB but the regulator has said that Zantech Trading is not authorised as a Financial Services Provider (FSP) nor a representative of an authorised FSP. 
 
“Contrary to Zantech Trading’s claims, the FSB has not granted a temporary licence to this entity.  Zantech has not been been audited by the FSB and as an unauthorised FSP, the activities of Zantech Trading are also not authorised. However, an investigation into the entity has been launched by the South African Reserve Bank,” they added.
 
Further false claims
 
Regarding media statements that Zantech Trading acquired shares of Siyaya Finanace Brokers, the FSB said they had contacted the owner of Siyaya Finance Brokers (Pty) Ltd, who said he had not  sold his business to Zantech Trading. Siyaya Finance Brokers (Pty) Ltd’s licence was also provisionally withdrawn by the FSB on 26 July 2013 due to non-compliance with legislation.
 
“Persons rendering financial services without a licence or without being appointed as representatives are acting in contravention of the Financial Advisory and Intermediary Services Act, 37 of 2002. Such contravention is an offence which carries a heavy fine or period of imprisonment,” said the FSB.
 
What consumers should know
 
The regulator said consumers who wish to conduct financial services with an institution, entity or person should  check beforehand with the FSB on either the toll free number (0800110 443) or on its website www.fsb.co.za to determine whether or not such an institution, entity or person is authorised to render financial services.
 
Justmoney contacted Zantech’s offices in Durban, Johannesburg, Newcastle, Port Shepstone, Phalaborwa and Sandton for comment but they could not be reached. 

Recent Articles

Featured When to trade in your old car for a new one

You may have noticed that your car isn’t running as smoothly as it used to. This is particularly concerning if you’re hoping to sell it at a reasonable price, and buy yourself a modern alternative.

3 facts to consider when cancelling your contract

If you’ve ever had a relationship end in a bit of a mess, you’ll know that some people are more difficult to break up with than others. The pain, the push back, the back and forth – it can be a difficult process.

How long does debt reflect on your credit score?

If you’ve ever had debt that you didn’t manage well, you may have wondered how long the debt would remain, or be retained, on your credit score. This is known as a “retention period” and it is governed by the law.

Deals

Full Body Massage at Dembalicious Spa

Price: R99
When: Mondays to Sundays
Where: Johannesburg

Two-Course Asian Dining for Two

Price: R269
When: Mondays to Sundays
Where: Cape Town

One-Hour Yacht Cruise with Waterfront Charters

Price: R99
When: Mondays to Sundays
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions